Quality of September Jobs Gain Much Worse Than the Quantity

There's no conspiracy. But the surprise plunge in the unemployment rate to 7.8% in September from 8.1% in August vastly overstates the meager improvement in the labor market.

In a tweet heard around the business and financial world, Jack Welch accused the Obama administration of cooking the jobs report to its political advantage. "Unbelievable jobs numbers...these Chicago guys will do anything...can't debate so change numbers," was the charge from the former CEO of General Electric, whose quarterly-earnings...